28% of City Property Owners May Get Higher Tax Bills
After a review of the appraisal process, City Council voted to move forward with advertising an equalized real estate tax rate of 74 cents per $100 of assessed value.
About 30 percent of Fredericksburg's property owners will pay a tax increase this year if City Council approves the advertised real estate tax rate of 74 cents per $100 of assessed value. The rest will pay the same or less, depending on their final reassessment. City staff presentedPearson Appraisals Fred Pearson's appraisal details to City Council in a work session Tuesday night. The overall tax book value of property in the city was $3.6 billion in 2011 and the new preliminary value is $3.58 billion. According to Pearson's presentation, multi-family homes saw the largest increase at 24.3 percent. Single-family homes dropped 6.53 percent and commercial and industrial property dropped 2.03 percent, which came as a shock to the local …
